Additional Exchange Control Approvals Procedures

16 Apr 2020

P U B L I C A D V I S O R Y

CENTRAL BANK OF BELIZE: COVID-19 ADDITIONAL PROCEDURES FOR SUBMISSION OF EXCHANGE CONTROL APPROVALS

The Central Bank of Belize informs the public of procedures that must be followed when submitting applications for exchange control approvals. These procedures in addition to those posted on its website at https://www.centralbank.org.bz/financial-system/exchange-control-approvals are to be used together and are designed to facilitate submission of applications by members of the public and processing by the Central Bank.

Commencing immediately and until further notice:

Applications submitted by email:

1. Submit one application, along with all required documents and information in one email. Multiple applications in one email will be rejected.

2. In the subject section of the email, state the type and purpose of transaction, e.g.:

a. Foreign Currency Payment (XCH1)/ Personal Protection Equipment, or

b. If not XCH1, Capital Account Transaction/Registration of Shares.

3. Applicants who have submitted their applications to the Central Bank by email, will receive approvals from the Central Bank as follows:

a. If XCH1: by email, along with scanned copies of the XCH1 signed by an officer of the Central Bank, or

b. If other than XCH1: by scanned copies of approval letter signed by an officer of the Central Bank.

Applications submitted to the drop box:

1. Applicants with absolutely no access to email may deliver them to the drop box located at the entrance to the Central Bank compound, up to 12:00pm during the work week. They will be picked up by Central Bank staff one day after submission to reduce potential spread of the COVID-19 virus.

2. Applications submitted via drop box, should:

a. Clearly state on the envelope the type of transaction for which approval is being requested, e.g.:

ii. If not XCH1, specific type of transaction: Transfer of Land Title, Registration of Shares and Investments, etc.

b. Provide contact numbers so you can be contacted about the status of your application.

Take Note:

1. All applications whether submitted by email or drop box must be complete applications or they will be rejected.

2. A complete application consists of:

a. A signed XCH1 form, clearly and fully filled out to provide required information, along with all required documents, or

b. If not an XCH1, a signed application letter clearly referencing the type of transaction for which exchange control approval is being requested.

3. On 27 March 2020, Direction No. 5, 2020 was amended to increase the date from issuance of the Single Administrative Document (SAD) from three months to six months. Concurrently, the expiry date for the approved XCH1 was extended from three to six months.

4. Clearing of approvals for prepayment of imports or bonded imports will not be done during the state of emergency 30-day period. The Central Bank will notify each applicant directly when clearing will resume. This will not affect processing of future applications, once they meet all other requirements.

5. In addition to the listed phone numbers for the Central Bank, applicants may contact phone numbers: 613-0514 and 613-0733 to seek guidance on these new arrangements for submission of applications, and for other queries.

6. Please check the Central Bank’s website for updated procedures which may change periodically, based on CODIV-19 Advisories published by the Government of Belize.